The Wall Avenue Journal reported McMahon paid greater than $12 million over the previous 16 years to suppress allegations of sexual misconduct from former workers.
STAMFORD, Conn. — Longtime chairman and CEO of WWE Vince McMahon introduced Friday he’ll retire.
In June, it was introduced that McMahon had “voluntarily stepped again” from his company function amid an investigation by the World Wrestling Leisure board of administrators into alleged misconduct.
The Wall Avenue Journal reported earlier this month that McMahon paid greater than $12 million over the previous 16 years to suppress allegations of sexual misconduct from a number of former workers, a sum far larger than beforehand recognized.
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WWE didn’t share whether or not the inner investigation had been accomplished, or launch any new particulars on Friday.
McMahon took over the group from his father within the Nineteen Eighties and reworked it right into a nationwide sensation, with large occasions like WrestleMania and breakout stars like Dwayne “The Rock” Johnson, “Stone Chilly” Steve Austin and John Cena.
“As I method 77 years outdated, I really feel it’s time for me to retire as Chairman and CEO of WWE. All through the years, it’s been a privilege to assist WWE carry you pleasure, encourage you, thrill you, shock you, and at all times entertain you,” McMahon stated in an announcement. “I wish to thank my household for mightily contributing to our success, and I’d additionally prefer to thank all of our previous and current Superstars and workers for his or her dedication and keenness for our model.”
McMahon’s daughter Stephanie McMahon was named interim CEO and chairwoman after her father stepped again in June. Following Vince McMahon’s announcement, the corporate stated Stephanie and WWE President Nick Khan will function co-CEOs transferring ahead.
WWE additionally introduced earlier Friday that Stephanie’s husband, Paul “Triple H” Levesque, is returning to his govt function with the corporate. He left after struggling a coronary heart assault final yr.
Vince McMahon stays the bulk shareholder in WWE and stated he “will proceed to help WWE in any method I can.”